CALGARY, AB – Innova Hydrogen Corp. (“Innova” or the “Company”) is pleased to announce that it has closed a non-brokered private placement (the “Private Placement”) of common shares (“Common Shares”) in the capital of the Company.
Pursuant to the Private Placement, the Company issued 4,317,128 Common Shares at a price of C$0.50 per Common Share for aggregate gross proceeds of C$2,158,564. As a result of strong investor demand, the Company increased the aggregate offering size from the initially contemplated $1.5 million offering.
The Common Shares issued pursuant to the Private Placement are subject to a four-month hold period in accordance with applicable Canadian securities laws.
The Company expects to use the net proceeds from the Private Placement to advance the development of its proprietary HIPTM technology, secure strategic relationships and off-take arrangements, pursue government incentives and grants, as well as, for general corporate purposes.
About Innova Hydrogen Corp.
Innova’s vision is to develop zero-emission, clean energy technologies to produce carbon-free hydrogen energy and high-quality, high-demand by-products.
Innova’s revolutionary, proprietary HIPTM technology transcends existing carbon-emission processes currently used within the energy sector by creating two valuable products with zero carbon emissions: high-purity hydrogen gas and customizable, tailor-made graphene.
Innova’s current intellectual property includes patent pending technology for hydrogen and graphene production, which will be relied upon to support a global patent protection strategy, and a roadmap for additional proprietary advancements in clean energy technology.
For more information about the Company, please refer to the Company’s profile on SEDAR at www.sedar.com.